Oppenheimer Comments on PNC Financial Services Group Inc’s FY2019 Earnings (NYSE:PNC)

PNC Financial Services Group Inc (NYSE:PNC) – Investment analysts at Oppenheimer lifted their FY2019 EPS estimates for shares of PNC Financial Services Group in a report released on Wednesday, October 16th. Oppenheimer analyst C. Kotowski now forecasts that the financial services provider will post earnings per share of $11.34 for the year, up from their previous estimate of $11.14. Oppenheimer also issued estimates for PNC Financial Services Group’s Q1 2020 earnings at $2.71 EPS, Q2 2020 earnings at $3.06 EPS, Q3 2020 earnings at $3.08 EPS, Q4 2020 earnings at $3.20 EPS and FY2020 earnings at $12.03 EPS.

A number of other equities analysts also recently commented on the stock. Morgan Stanley set a $141.00 price objective on shares of PNC Financial Services Group and gave the stock a “hold” rating in a report on Friday, August 9th. Barclays set a $158.00 price target on shares of PNC Financial Services Group and gave the company a “hold” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. lifted their price target on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Wells Fargo & Co lifted their price target on shares of PNC Financial Services Group from $134.00 to $147.00 and gave the company a “market perform” rating in a report on Thursday, October 17th. Finally, ValuEngine downgraded shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $143.74.

NYSE:PNC opened at $145.53 on Monday. The company has a 50-day moving average of $138.49 and a 200-day moving average of $134.84. The company has a market capitalization of $63.52 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.83 and a beta of 1.13. PNC Financial Services Group has a 52 week low of $108.45 and a 52 week high of $146.39. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.90 and a current ratio of 0.89.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $2.94 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.14. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.41 billion. PNC Financial Services Group had a net margin of 24.96% and a return on equity of 10.94%. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the firm earned $2.82 EPS.

A number of institutional investors and hedge funds have recently bought and sold shares of PNC. Westside Investment Management Inc. acquired a new stake in shares of PNC Financial Services Group during the 2nd quarter worth approximately $29,000. Redhawk Wealth Advisors Inc. acquired a new stake in shares of PNC Financial Services Group during the 2nd quarter worth approximately $40,000. Old North State Trust LLC grew its position in shares of PNC Financial Services Group by 108.8% during the 3rd quarter. Old North State Trust LLC now owns 307 shares of the financial services provider’s stock worth $43,000 after buying an additional 160 shares during the period. Smith Asset Management Group LP grew its position in shares of PNC Financial Services Group by 508.5% during the 2nd quarter. Smith Asset Management Group LP now owns 359 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the period. Finally, Prestige Wealth Management Group LLC acquired a new stake in shares of PNC Financial Services Group during the 2nd quarter worth approximately $55,000. Hedge funds and other institutional investors own 80.82% of the company’s stock.

In other PNC Financial Services Group news, insider Robert Q. Reilly sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $141.00, for a total value of $3,525,000.00. Following the completion of the sale, the insider now owns 142,228 shares in the company, valued at approximately $20,054,148. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacy M. Juchno sold 710 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $141.90, for a total transaction of $100,749.00. Following the completion of the sale, the executive vice president now owns 4,583 shares of the company’s stock, valued at approximately $650,327.70. The disclosure for this sale can be found here. Insiders have sold a total of 54,089 shares of company stock valued at $7,547,343 over the last three months. 0.37% of the stock is currently owned by insiders.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Thursday, October 17th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Wednesday, October 16th. PNC Financial Services Group’s dividend payout ratio is currently 42.95%.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Earnings History and Estimates for PNC Financial Services Group (NYSE:PNC)

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